Indus Tower Ltd Share Price: Indus Towers shares zoom 5% as company plans to consider share buyback

Shares of Indus Towers jumped 5.3% on the BSE today to a fresh 52-week high of Rs 447.30 after the company announced that it will consider a share buyback in its upcoming board meeting.

“The Board of Directors will also consider, inter alia, the following agenda at its meeting: To consider and approve the proposal for buyback of fully paid-up equity shares of Rs. 10/- each of the Company, including matters related/ incidental thereto, (‘Buyback’). In accordance with the applicable provisions under the Companies Act, 2013, the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended, and other applicable laws (if any),” said the company in its filing to the exchanges.

The board meeting will be held on Thursday, July 30, 2024. The company’s board of directors will also approve the unaudited financial results for the quarter ended June 30, 2024.

If the board approves the buyback of shares, it will be the first time in eight years that the company has conducted a share buyback.

The last time the company conducted a buyback was in June 2016, when it was known as Bharti Infratel. At that time, the company allocated Rs 2,000 crore for the buyback, with a maximum price of Rs 450 per equity share.The company’s net profit grew 19% sequentially from Rs 1,541 crore in the fiscal third quarter ended December 2023.Indus Towers’ shares have delivered multibagger returns of 144% over the past year and 117% in the current calendar year. Additionally, the stock has increased by 95.6% in the last six months.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)